Jaitley announces dedicated affordable housing fund

Finance Minister Arun Jaitley on Thursday announced that a dedicated affordable housing fund will soon be launched by the government under the National Housing Bank (NHB) scheme.

Jaitley, while presenting the Union Budget for this year, said nearly 31 lakh homes will be built in urban areas in 2018-2019 and 51 lakh in rural areas. He further noted that a target to deliver 1.2 crore houses has been set under the Pradhan Mantri Awaas Yojana (PMAY) scheme.

The PMAY, previously the Indira Awaas Yojana (IAY), is a social welfare flagship programme, created by the Government to provide housing for the rural poor in India.

Implemented in 2015, the scheme envisages central assistance to Urban Local Bodies (ULBs) and other implementing agencies through states and union territories for in-situ rehabilitation of existing slum dwellers using land as a resource through private participation, credit linked subsidy and affordable housing in partnership.